Advice Topics
- Buying (137)
- Selling (174)
- Renting (35)
- Market News & Trends (11)
- Finance & Legal Info (72)
- Tips & Advice (83)
- Working With an Agent (51)
- Marketing (4)
- Investing (13)
- Affordable Housing (13)
- Green Housing (2)
- Schools (1)
- Remodeling (28)
- International Real Estate (8)
- Terms & Definitions (23)
- Home Loans (9)
Top Contributors (View All)
How much less should you offer on a house when paying cash? I know it makes me a stronger buyer, but the market is also competitive. Is there a general guide?
Asked By Sonja | Miami, FL | 217 views | Buying | 7 months ago
Answer(3)
Novice
Depends on the situation of the seller. are they motivated to sell? we know a quick closing helps especially if they need money quick. Days on market to how hot is the buyer response to the seller (how many people are looking at the home) If the home has been on the market a while, then id offer way less to see if the seller will respond (worse thing that can happen is they decline the offer) then you can always make another offer on the home.
- 7 months ago
- Helpful (1)
- Unhelpful (0)
Semi-Pro
This $$ not a cut and dry amount or percentage. Best answer is -- it depends. Sellers like cash offers because closings can be quicker, purchase contingencies can be waived and it appears that the Buyer has a better chance to get to the closing table without lending obstacles. In the past most recent market -- cash was the preferred way to go with multiple offer situations. A strong qualified Buyer that is financing, willing to pay around listed price and reasonable purchase contingencies may be prefered to a cash Buyer who wants to lowball the price. Talk to your agent to determine the best strategy for your particular buying situation.
- 7 months ago
- Helpful (0)
- Unhelpful (0)
Are you ready to find a top agent near you?
Browse profiles of the highest ranked agents in your area and find one that meets your specific needs.
Novice
Short answer is no - there is not a general guide. If the home is overpriced to start with, and has been sitting. You could offer an % under asking based on where the comps say the home should be valued at - market value. The strong points about cash is no appraisal needed, and can close quickly. Always ask what is important to the seller. If they know their home will appraise (or close to) and they want a standard or longer close. They may take a higher priced financed offer. Cash can only be used as strong leverage when it matches up with the sellers needs and goals.
- 7 months ago
- Helpful (0)
- Unhelpful (1)
Related Questions
-
What is the first step in buying a home?
- Asked by Mike M.
- 632 views
- Buying
- 3 years ago
-
How to buy a house without closing costs or down payments?
- Asked by Timothy S.
- 749 views
- Buying
- 3 years ago
Search for Agents by Top U.S Cities
Search for Agents by States
Search for Company by States
Login
Login as a...
- Real Estate Agent Access and manage your clients
- Current/Future Homeowner Search for a realtor or service professional
Don’t have account? Sign Up.
Client/Consumer Login
or use your email account:
Agent/Professional Login
or use your email account:
Sign Up